Wednesday, November 18, 2009

Rep. Peter DeFazio called for the firing of President Barack Obama's
top two economic aides on Wednesday for pursuing a recovery plan skewed
too heavily towards Wall Street's favor.
The Oregon Democrat told MSNBC's Ed Schultz that he was dismayed
with the administration's lack of focus on job creation and insisted it
was time to dismiss both White House economic adviser Larry Summers and
Treasury Secretary "Timmy Geithner."
"We think it is time, maybe, that we turn our focus to Main Street
-- we reclaim some of the unspent funds, we reclaim some of the funds
that are being paid back, which will not be paid back in full, and we
use it to put people back to work. Rebuilding America's infrastructure
is a tried and true way to put people back to work," said DeFazio.
"Unfortunately, the President has an adviser from Wall Street, Larry
Summers, and a Treasury Secretary from Wall Street, Timmy Geithner, who
don't like that idea," he added. "They want to keep the TARP money
either to continue to bail out Wall Street...or to pay down the
deficit. That's absurd."
Asked specifically whether Geithner should stay in his job, DeFazio replied: "No.GO.READ

"Especially if you look back at the AIG scandal," he added, "and
Goldman and others who got their bets paid off in full...with taxpayer
money through AIG. We channeled the money through them. Geithner would
not answer my question when I said, 'Were those naked credit default
swaps by Goldman or were they a counter-party?' He would not answer
that question."
DeFazio said that among he and others in the Congressional
Progressive Caucus, there was a growing consensus that Geithner needed
to be removed. He added that some lawmakers were "considering questions
regarding him and other economic advisers" -- though a petition calling
for the Treasury Secretary's removal had not been drafted, he said.
"[Obama] is being failed by his economic team," DeFazio concluded.
"We may have to sacrifice just two more jobs to get millions back for
Americans."
Neither the White House or the Treasury Department immediately returned a request for comment.GO.READ

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As Jim Hightower explains it, is that “the wealthiest 1 percent of Americans possess more net worth today than the bottom 90 percent of us combined. Worse, these privileged few and their political henchmen have structured a new economic ‘normal’ of long-term joblessness, low wages, no benefits or worker rights, miserly public services, and a steadily widening chasm between the rich and the rest of us.” We must restore sanity to this nation.

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